Home Business Seoul shares up for 2nd day on easing inflation; Korean won at over 1-month high

Seoul shares up for 2nd day on easing inflation; Korean won at over 1-month high

by Dubai Forum
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SEOUL, 30th May, 2022 (WAM) — Seoul shares ended higher for second straight session Monday as investors scooped up large-cap stocks on bargain hunting, following gains on Wall Street and hopes for economic recovery in China.

The South Korean won rose to the highest in over one month to the US dollar, according to Yonhap News Agency.

The Korea Composite Stock Price Index (KOSPI) rose 31.61 points, or 1.2 percent, to close at 2,669.66.

Trading volume was moderate at 458.66 million shares worth 7.32 trillion won (US$5.9 billion), with gainers outpacing decliners 712 to 154.

Institutions and foreigners bought a combined 770 billion won worth of stocks, offsetting individuals’ stock sell-off valued at 799 billion won.

The main KOSPI index advanced as China eased its virus curbs on business activity in Shanghai and Beijing, and the US stocks rebounded on hopes that inflationary pressure may have peaked out.

WAM/Amjad Saleh/Lina ibrahim

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